Binance.US has been granted permission to acquire the assets of Voyager, which has filed for bankruptcy. The assets include almost 4 trillion Shiba Inu (SHIB) tokens. A US bankruptcy judge, Judge Michael Wiles, approved the acquisition deal, despite objections from the Securities and Exchange Commission (SEC) and regulators in Texas and New Jersey.
After obtaining final approval, Binance.US is expected to acquire Voyager’s assets, estimated to be worth more than $1 billion. According to Lookonchain, a blockchain surveillance resource, Voyager’s current crypto assets are valued at $757.8 million.
The assets that Binance.US is set to acquire from Voyager include 3.99 trillion SHIB is currently valued at $44.1 million. The SHIB holdings of Voyager are ranked as the fourth largest single holding on their balance sheet, behind USDC ($459 million), ETH ($157.7 million), and VGX ($61.6 million).
Voyager has conducted a series of sales of its digital assets during its bankruptcy proceedings, which has resulted in its current digital asset balance. In the latest round of selloffs, Voyager sold 27,255 ETH for $42 million, 11 million VGX for $6.3 million, 400 billion SHIB for $4.4 million, and 160,000 LINK for $1 million.
The selloffs carried out by Voyager during its bankruptcy proceedings have mostly involved billions of Shiba Inu tokens. In February, Voyager sold 270 billion SHIB to Coinbase, Kraken, and Binance.US, and on February 15th, the exchange sold 250 billion SHIB tokens to Coinbase. Additionally, Voyager also sold 300 billion SHIB tokens on March 1st.
Crypto asset holders would be optimistic that Voyager will stop selling its digital assets after the court approves Binance.US to acquire them.
Following Judge Wiles’ confirmation, Binance US will face regulatory challenges to complete the deal properly. Once the acquisition is finalized, Voyager’s customers will receive their assets through Binance.US accounts, with a potential return of up to 73% of their total holdings.
